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To help inform public discussion and debate, Treasury has decided to release reports of the Joint Economic Forecasting Group (JEFG) Committee, after a period of 2½ years, starting with the March quarter 2008 Report.

The Joint Economic Forecasting Group (JEFG) Committee consists of Treasury, the Reserve Bank of Australia, the Department of the Prime Minister and Cabinet, the Department of Finance and Deregulation and the Australian Bureau of Statistics.

The committee meets three times a year to discuss the domestic and global outlook. In addition, an informal update round is conducted in June. A JEFG Report is prepared by Treasury in consultation with the other partners and is provided to the Treasurer, the Prime Minister and the committee members. The report provides Treasury's assessment of the domestic and global outlook, including its revised economic forecasts.

The December 2011 report from the Joint Economic Forecasting Group Committee incorporated data released up to 14 December 2011. The report was provided to the Treasurer on 21 December 2011.